Page 90 www.ijiras.com | Email: [email protected]
A Study On Solution To Rectify The Failures In Pharmaceutical
Business Management
Dr. S. Raja
B.Pharm, M.B.A, Ph.D, PDF, AMET University
I. INTRODUCTION
Pharmaceutical Business Management plays vital roles in Human life. It helps to cure diseases and give better solution to patient recovery from illness. So learn about the causes of failures in products development helps to develop business in Pharmaceutical Industry, and it helps to save the patient life also. Giving solution to solve the problem in commercialization of Products especially in Pharmaceutical business Management helps to develop the business in Pharmaceutical Companies as well as it helps doctors and patients also.
OBJECTIVE OF THIS STUDY
To understand about the unregistered brand name in Pharmaceutical business management
To analysis about the 568 Pharmaceutical companies’ Employees’ opinion about causes of failures in Pharmaceutical business management.
To analysis about the problems in commercialization in Pharmaceutical Business Management.
To analysis about the giving solution to solve the problems in commercialization in Pharmaceutical business management.
To understand about employees’ opinion to develop Product in Pharmaceutical Business Management. To give the solution for Failures in Pharmaceutical
Business Management
II. DURATION OF THIS RESEARCH:
Researchers have taken 7 months to complete this Research work of Study on solution to rectify Causes of Failures in Pharmaceutical Business Management studies.
III. CAUSES OF FAILURES IN NEW PRODUCT IN PHARMACEUTICAL INDUSTRY
To analysis about Product Failures lead to Develop Product success in pharmaceutical Industry. The causes of Product Failures in Pharmaceutical Business are explained below.
Overestimation of the market size Product design problem
Product Incorrectly positioned, price or advertised Cost of Product development
Improper planning of product growth Overestimation of Employees performance Competitive action
Improper understanding about the competitors activity Substandard and unregistered product
Unregistered Pharmaceutical Brand Adulterated Medicine
Improper SWOT analysis
Following the other companies Business strategies Superior Harassments to subordinates
Abstract: This study helps to understand and gives the solution about the causes of Failures in Product development in Pharmaceutical Business Management. It gives analytical information about the causes of failures in Product in Pharmaceutical Business. This research study gives solution to avoid failures in Product Development in Pharmaceutical Industry. This research study gives idea and suggestion of Marketing Employees’ solution to solve the problem in commercialization.
Page 91 www.ijiras.com | Email: [email protected] In this study analysis about failures of new Products in
some Unregistered and substandard brands in Pharmaceutical Business.
Some Pharmaceutical companies have same brand name. These kinds of brands create lots of problems to doctors and patient. Some Unregistered Trade Mark Brands examples are shown in PICTURE-.1, PICTURE-.2, PICTURE.3, PICTURE.4, and PICTURE.5. These pictures of pharmaceutical products don’t have symbol of Trade mark. The symbol of trademark is shown below.
PICTURE 1 shows about the brand “GMP” in Aretaeus Pharmaceuticals Company which is Unregistered Trade mark brand. This same GMP brand is in Medi biotech Pharmaceutical Company this has mentioned in PICTURE-.2 and Picture.5 which is unregistered brand. In Areataeus Pharmaceuticals’ “GMP” Brand has a Glimepride drug. But Medi biotech “GMP” brand has Glimipride +Metformin+Pioglitazone combination of drugs. If doctor is prescribing GMP brand in Areataeus Pharmaceutical, Medical store gives GMP brand in Medi biotech. After purchasing and using the GMP brand, the Patient health would be spoiled. After few days or few months doctor will stop the prescription of GMP brand of both Medibiotech and Areataeus pharmaceutical. So Medi Biotech pharmaceutical and Areataeus pharmaceutical companies business are spoiled. These kinds of Unregistered Trade Mark pharmaceutical brands cause Failures in Pharmaceutical Business. Unregistered trade mark pharmaceutical product spoil the success of new product business management in pharmaceutical industry.
PICTURE 3 shows the brand of “Mediformin” from Medinews Pharmaceuticals. This same brand “Mediformin” is in Medi biotech Pharmaceuticals it is shown in PICTURE-.4 and Picture.5. In Medinews Pharmaceuticals’ Mediformin brand has Metformin Hydro chloride drugs. And In Medi biotech Pharmaceuticals’ Mediformin brand is also having Metformin Hydro Chloride drugs. If doctor is prescribing Medibiotech Pharmaceuticals’ Mediformin brand, Medical store gives Mediformin brand of Medinews Pharmaceuticals. Totally these kinds of Pharmaceutical drugs spoil the business in Pharmaceutical companies. So these Kinds of unregistered trade mark products spoil new product success management in pharmaceutical industry. These kinds of unregistered trade mark brands cause failures in new products development in pharmaceutical Business management. Therefore pharmaceutical companies have to avoid Unregistered Trade mark brand and same brand name to achieve success in new product development management.
HOW TO AVOID UNREGISTERED PRODUCT?
Pharmaceutical companies have to avoid unregistered Trademark product and same brand name in theirs products. Government has to provide trade mark to all Pharmaceutical drugs the welfare of the people and to avoid duplication.
Source: From Field executives of Pharmaceutical Industry-Primary data
Picture 1: Unregistered Trade Mark Brand
Source: From Field executives of Pharmaceutical Industry-Primary data
Picture 2: Unregistered Trade Mark Brand
Source: From Field executives of Pharmaceutical Industry-Primary data
Picture 3: Unregistered Trade Mark Brand
Source: From Field executives of Pharmaceutical Industry-Primary data
Page 92 www.ijiras.com | Email: [email protected] Source: From Field executives of Pharmaceutical
Industry-Primary data
Picture 5: Unregistered Trade mark Brands Employees’ Educational
Qualification Frequency Percentage
Pharmacy Graduate 206 36.3
Graduate 241 42.4
Professional with MBA 121 21.3
Total 568 100.0
Table 1: Frequency distribution of Employees’ Qualification Above table explain that, 36.3% Pharmacy graduates have given the data for this Research study, 42.4 % Graduates have given the data for this research study, and 21.3 % M.B.A graduates have given the data for this research study.
IV. ANALYSIS THE PROBLEMS IN NEW PRODUCTS COMMERCIALIZATION IN PHARMACEUTICAL
INDUSTRY
Problems in
NPD Yes No Total Count % Count % Count % Unregister
Brand name 125 22.01 443 77.99 568 100.00 Company
Image 41 7.22 527 92.78 568 100.00 Irrational
combination 476 83.80 92 16.20 568 100.00 Adverse
reaction 264 46.48 304 53.52 568 100.00 Doctors Non
acceptance 48 8.45 520 91.55 568 100.00 Improper
Marketing strategy
25 4.40 543 95.60 568 100.00
Unaccepted
brand name 314 55.28 254 44.72 568 100.00 Competition 19 3.35 549 96.65 568 100.00
Superior
Harassments 504 88.73 64 11.27 568 100.00 Availability
Problems 5 .88 563 99.12 568 100.00 Source: From Pharmaceutical companies Marketing employees -Primary data
Table 2: Frequency distribution of Employees opinion about Problems of commercialization
Figure 1: Bar Diagrams represent Problems of commercialization
Unregistered Brand Name Company Image
Irrational combination Adverse reaction Doctors Non acceptance Improper Marketing strategy Unaccepted Brand name Competition
Superior Harassments Availability Problems
Above Table and Bar Diagrams explained 22.01 % Pharmaceutical companies Employees suggest “Unregister Brand Name” leads to problem of commercialization in New Products Development. 7.22 % Pharmaceutical companies Employees suggest “Company Image” Leeds to problem of commercialization of New Products in Pharmaceutical Industry. 83.80 % Pharmaceutical Companies Employees suggest “Irrational Combination drugs” leads to problem of commercialization of New Products in Pharmaceutical Industry. 46.48 % Pharmaceutical companies Employees Suggest “Adverse Reaction” leads to problem of commercialization of New Products in Pharmaceutical Industry. 8.45 % Pharmaceutical companies Employees suggest “Doctors Non Acceptance” leads to problem of commercialization in New Products development in Pharmaceutical Industry. 4.40 % Pharmaceutical companies Employees suggest “Improper Marketing Strategy” leads to problem of commercialization in New Products Development. 55.28 % Pharmaceutical companies Employees suggest “Unaccepted Brand Name” leads to problem of commercialization in New Products Development. 3.35 % Pharmaceutical companies Employees suggest “Competition” leads problem of commercialization in New Products Development in Pharmaceutical Industry. 88.73 % Pharmaceutical companies Employees suggest “Superior Harassments” leads problem of commercialization in New Products Development in Pharmaceutical Industry. 0.88 % Pharmaceutical companies Employees suggest “Availability Problems” leads problem of commercialization in New Products Development in Pharmaceutical Industry.
V. ANALYSIS THE SOLUTION TO SOLVE PROBLEMS IN PHARMACEUTICAL BUSINESS MANAGEMENT
Solution for Problem in
NPD
Yes No Total
Count % Count % Count % Good brand
name 83 14.61 485 85.39 568 100.00 Less
Adverse reaction
20 3.52 548 96.48 568 100.00
USFDA
Approved 554 97.54 14 2.46 568 100.00 India
Approved 433 76.23 135 23.77 568 100.00 Relevant
Page 93 www.ijiras.com | Email: [email protected] competitio
ns Good
market strategy
49 8.63 519 91.37 568 100.00
Good work
culture 528 92.96 40 7.04 568 100.00 Adverse
event form 78 13.73 490 86.27 568 100.00 Employees
sincerity 3 .53 565 99.47 568 100.00 Source: From Pharmaceutical companies marketing employees - Primary data
Table 3: Frequency distribution of Suggestions and Solution to salve the problem of Pharmaceutical Business
Management
Figure 2: Bar Diagrams represent Suggestions and Solution to salve problem of Pharmaceutical Business Management Good Brand Name
Less Adverse reaction USFDA Approved
Indian Drug Authority Approved
Brand name should be relevant to Generic name Strategies for Competitions
Good Market Strategy Good Work culture Adverse Event Form Employees Sincerity
Above Table and Bar Diagram explained 14.61 % Pharmaceutical companies Employees suggest “Good Brand Name” helps solution to solve problem of New Products in Pharmaceutical Industry. 3.52 % Pharmaceutical companies Employees suggest “Less Adverse reaction” gives better solution to solve problem in New Products development in Pharmaceutical Industry. 97.54 % Pharmaceutical companies Employees suggest “US FDA Approved drug” gives better solution to solve problem in New Products Development. 76.23 % Pharmaceutical companies Employees suggest “Indian Drug Authority Approved Products” gives solution to solve problem in New Products development in Pharmaceutical Industry. 2.46 % Pharmaceutical companies Employees suggest “Relevant brand name” gives solution to solve problem in new Products development in Pharmaceutical Industry. 1.58 % Pharmaceutical companies Employees suggest “Strategy for competitions” gives solution to solve problem in New Products Development in Pharmaceutical Industry. 8.63 % Pharmaceutical companies Employees suggest “Good Market Strategy” gives solution to solve problem in commercialization of New Products in
Pharmaceutical Industry. 92.96 % Pharmaceutical companies Employees suggest “Good work culture” gives solution to solve problem in commercialization of New Products in Pharmaceutical Industry. 13.73 % Pharmaceutical companies Employees suggest “Adverse Event form” gives solution to solve problem in commercialization of New Products in Pharmaceutical Industry. 0.53% Pharmaceutical companies Employees suggest “Employees sincerity” gives solution to solve problem in commercialization of New Products in Pharmaceutical Industry.
To Create Successful New Products, The Pharmaceutical Company Must:
Analysis it’s customers, Products, Markets and Competitors.
Pharmaceutical company should develop New Products that deliver superior Value to customers eg. Doctors, Chemist, and Stockiest.
VI. SOLUTION
Pharmaceutical companies’ employees have given good suggestion and opinion to develop Products in Pharmaceutical Business. These employees’ suggestions are given below. All Pharmaceutical products should be approved by
USFDA
Pharmaceutical companies have to provide good work culture to the employees. This will help to develop New Products and it will help to avoid failures in New Products Development.
Drug should be approved by Indian government drug authority.
Pharmaceutical products should have good brand name Pharmaceutical companies’ Marketing employee must
have adverse event form to get adverse event information from doctors. This adverse event form help to avoid failures in New Product development
Companies must have good Marketing strategies Product should have less side effect
Product should have relevant Brand name
Company should have strategies to face competition Employees should be sincere
LIMITATION OF THIS STUDY
This research Study did not conduct in foreign countries. So It may not applicable for foreign countries.
VII. CONCLUSION
Page 94 www.ijiras.com | Email: [email protected] rectify the Failures in Product Development in Pharmaceutical
Business Management.
REFERENCES
[1] Alison Roberts….. (et al) (2007): “Community Pharmacy: Strategic Change Management”. The McGraw-Hill companies.
[2] Ann-Marie and MC Intyne (1999): “Key issue in the Pharmaceutical Industry”. Wiley-Chichester.
[3] B.V.H.Kameshware sastry (2010): “International Business”. J.V. Publishing House, Jodhpur.
[4] Bruce T. Barkley, Sr (2008): “Project Management in New product Development”. McGraw-Hill, New York. [5] David F. Birks and Timmacer (2008): “Marketing
Research”. Routledge, New York, 1st Edition.
[6] Donald. R. Lehmann and Russell.S.Winer (2005): “Product Management”. McGraw Hill/Irwin 4th Edition. [7] Dr. Anandan (2009): “Product Management” Tata
McGraw Hill Education.
[8] Frank, A.Sloan and Chee-Ruy Hsieh (2007): “Pharmaceutical Innovation: Incentives, Competition, and Cost-benefit analysis in International perspective”. CambridgeUniversity Press, Cambridge.
[9] H.E.Cook (1997): “Product Management: Value, Quality, cost, Profit and organization”. Chapman and Hall, London, New York, First Edition.
[10] Jay.P.Rho and Stan G.Louie (2004): “Hand book of Pharmaceutical Biotechnology”. Viva Books Private Limited, New Delhi.
[11] Karen Beynon and Andrew D Porter (2000): “Valuing Pharmaceutical companies: A guide to the assessment and evaluation of assets, Performance and prospects”. Woodhead- Cambridge.
[12] Karen Webb (2010): “Consumer Behaviors”. McGraw Hill, 2nd Edition.
[13] Kaushik Mukerjee (2009): “Product Management”. PHI Learning Fist Edition.
[14] Kenneth.B. Kahn (2006): “New Product Planning”. Response Books, New Delhi.
[15] Kevin Otto and Kristin wood (2001): “Product Design” Pearson, New Delhi.
[16] L.G.Thomas (2001): “The Japanese Pharmaceutical Industry: The New Drug lag and failure of Industrial Policy”. Edward Elgar, Celfenham.
[17] Linda Gorchels (2000): “The Product Manager’s Hand Book: The complete product Management resource”. NTC Business book 2nd Edition.
[18] Shelby H Mcintyre and Meir statman (1982), Managing the risk of New Product Development, in business Horizons.
[19] R.G.Cooper and E.J. Kleinschmidt (1995), “Success Factors for New Product Development”, Wiley International Encyclopedia of Marketing.
[20] Cheryl Nakata and K Sivakumar (1996), “National culture and New product development: An Integrative review”, Journal of Marketing, Vol. 60. No.1.
[21] Hugo F. Miranda, Margarita M. Puig and Juan Carlos Preito(1996), “Synergism between paracetamol and non steroidal Anti-inflammatory drugs in experimental acute pain”.
[22] Don H Lester (1998) , “Critical success factors for New Product Development”, Research-Technology Management
[23] Bonne font j, Courade JP, Allui A. (1998) “Antinociceptive Mechanism of action of paracetamol drugs”
[24] (1998) Global New product Development Process: Preliminary Findings and research propositions- Journal of Management studies.
[25] Lan Goulding(1998) “New Product development: A Literature review”, European Journal of Marketing. [26] D.N. Morthy and I Djamaludin (1998) “ New product
warranty: A Literature review”, European journal of Production
[27] Seideman P (1999), “Paracetamol in rheumatoid Arthritis, Agent actions”.
